High Intensity Focused Ultrasound (HIFU) Therapy Market 2020 Size, Business Research, Revenue, Growth Insights to 2023
High Intensity Focused Ultrasound (HIFU) Therapy Market Overview
High intensity focused ultrasound therapy is generally used to treat cancer cells with high-frequency sound waves. This treatment is used to treat only a single tumor or a part of a larger tumor and cannot be used to treat widespread tumors. Hence, the high intensity focused ultrasound therapy is not suitable for the treatment of malignant tumors. The global high intensity focused ultrasound therapy market is expected to register a 7.8% CAGR through the forecast period.
Many attributable factors are fueling growth in the HIFU market. These factors include a rising prevalence of different types of cancer and increased development in medical technology. Further, widespread applications of high intensity focused ultrasound is promoting ascension of the market to a great extent. Such therapy is used for the treatment of neurological disorders, cosmetic medicine, as well as uterus fibroids. However, a high cost of treatment and various side-effects are estimated to refrain the market from growing during the assessment period.
High Intensity Focused Ultrasound (HIFU) Therapy Market Share Analysis
Various prominent players influencing growth in the global high intensity focused ultrasound market, as profiled in the latest report by MRFR, include Image Guided Therapy, EDAP TMS, SonaCare Medical, LLC, Theraclion, Chongqing Haifu Medical Technology Co., Ltd, Koninklijke Philips N.V., Shanghai A&S Co. LTD, Mianyang Sonic Electronic Ltd., Insightec, Alpinion Medical Systems, and FUS Instruments.
High Intensity Focused Ultrasound (HIFU) Therapy Industry Update
June 2019: Celsion Corporation recently announced that the Institutional Review Board (IRB) provided the approval to the University Medical Center Utrecht. This approval was granted to initiate their Phase 1 study to determine the safety, tolerability, and feasibility of ThermoDox along with Magnetic Resonance Guided High Intensity Focused Ultrasound (MR-HIFU) hyperthermia and cyclophosphamide therapy. This therapy will be conducted for the local treatment of primary tumors in metastatic breast cancer (mBC).
High Intensity Focused Ultrasound (HIFU) Therapy Market Segmentation
The global high intensity focused ultrasound market has been studied for various segments by MRFR for a deeper and insightful analysis. Such segmentation has been done on the basis of modality, methods, application, end-user, and region. The high intensity focused ultrasound market is segmented into therapeutic ultrasound, lithotripsy, thrombolysis, hemostasis, and immunomodulation on the basis of modality. Based on methods, the high intensity focused ultrasound market is segmented into uterine fibroids, prostate cancer, cosmetic medicine, and neurological disorders. Based on end-users, the global high intensity focused ultrasound market is segmented into hospitals, diagnostic centers, and research centers.
High Intensity Focused Ultrasound (HIFU) Therapy Market Detailed Regional Analysis
The high intensity focused ultrasound (HIFU) market is regionally segmented into Europe, Asia Pacific, the Americas, and the Middle East & Africa. Among these regions, the Americas are anticipated to dominate the global high intensity focused ultrasound market during the review period. North America, among the Americas, is likely to garner the largest share of the global high intensity focused ultrasound market. This market command can be accredited to the rising prevalence of cancer in the region and well-developed technology in the region.
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Europe, on the other hand, is projected to account for the second largest share in the global HIFU market over the conjectured period. A rising need for cancer treatment services in the region is the primary reason for the mounting high intensity focused ultrasound market in the region. Moreover, increasing expenditure in the healthcare sector, along with mushrooming investments in the research and development of new and improved cancer treatment techniques, are expected to push sizeable growth in the regional HIFU market.
Asia Pacific is estimated to grow at the fastest rate over the assessment period. This can be accredited to the implementation of new and improved technologies for the treatment of cancer. Also, India is expected to hold the largest growth potential, serving new expansion opportunities for numerous market players during the forecast timeline.
The Middle East & Africa is assessed to exhibit steady growth in the high intensity focused ultrasound market owing to a proliferating demand for primary healthcare services in the region along with new and advanced treatment methods in the healthcare domain.